So, 10 years down the line and 10 years is long term. It’s a full cycle. The difference in rand returns today is so stark and vast. We have to talk about it. It is starting to affect people’s investment behaviour and also their purchasing behaviour, in the sense that they started saving for something 10 years ago, thinking they will have built up enough capital for a car or a house, and they find they have not [acquired] sufficient capital. I did a study: 10 years ago, roughly R100,000 bought you a brand-new Hyundai Santa Fe motor car. You needed to put a bit of money in. The new Hyundai Palisade recently came out and the launch price is R1m. So, if you put your money into the Old Mutual fund 10 years ago with the intention of buying a new car 10 years later, you can buy only a quarter of that car … only a quarter. Old Mutual has gone up only to R225,000 over a 10-year period, barely beating inflation over 10 years and not beating inflation over five years and even three years. As you switch horses – as I used the analogy – and put some money offshore; R100,000 into the Franklin Templeton fund, you can buy the new car for cash today. You had R985,000 in your investment account, which shows that had you stuck with a dollar-based investment, you managed to protect your dollar-based expenses in South Africa.
